The MPA’s Market Composite Index, which measures loan volume application, dropped 2.3% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index was down 2%. The seasonally adjusted Purchase Index held steady, while the unadjusted Purchase Index was up 21% from the week before, and up 21% from the same week a year ago.
The refinance share of mortgage activity fell to 55% of total applications – its lowest level since September – from 56% the week prior. The adjustable-rate mortgage share increased to 5.7% of total applications, according to the MBA.
share of total applications was up slightly, increasing to 13.7% from 13.6% the week prior. The VA
share was also up, rising from 11% to 11.3% last week. The USDA share of total applications held steady at 0.8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.85% last week from 3.83% the week before. The average rate for 30-year FRMs with jumbo loan balances decreased to 3.82% from 3.83% the week before.
The average rate for 5/1 ARMs was down last week, dropping to 2.88% from the previous week’s average of 2.89%.
Mortgage applications were down last week, according to new data from the Mortgage Bankers Association.